Cass Information Systems, Inc. Reports 6% Increase in 1st Quarter Earnings.Business Editors ST. LOUIS--(BUSINESS WIRE)--April 13, 2001 Cass Information Systems, Inc. (Nasdaq:CASS), the nation's leading provider of freight and utility invoice payment, rating, auditing and information services See Information Systems. , has reported first quarter earnings of 53 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a 6% increase over 2000 first quarter earnings of 50 cents per diluted share. Total net income for the first quarter of 2001 was $1,750,000, compared to the $1,856,000 reported in the first quarter of 2000. Factors influencing the results were an increase in net investment income, an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related mainly to the expansion of utility processing capacity, transition expenses related to the acquisition of the Utility Navigator(R) business from InSITE Corp. and a decrease in the number of shares outstanding due to last year's repurchase program. Despite a downturn in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. economic activity, the volume of freight shipments processed by Cass increased $56.7 million (3.2%) from the corresponding period last year. Utility bill volume increased $157.3 million (a robust 70.6%) from the first quarter of 2000, excluding any volume associated from the Utility Navigator(R) acquisition. Selected Consolidated Financial Data The following table presents selected unaudited, consolidated financial data (in thousands, except share and per share data) for the first quarter of 2001 and 2000.
Quarter Quarter
Ended Ended
3/31/01 3/31/00
Revenues $13,743 $13,104
Income before Income Taxes $2,654 $2,925
Provision for Income Taxes $904 $1,069
Net Income $1,750 $1,856
Average Shares Outstanding 3,293,614 3,643,604
Basic Earnings per Share $.53 $.51
Diluted Net Earnings $1,750 $1,856
Diluted Shares Outstanding 3,337,021 3,688,965
Diluted Earnings per Share $.53 $.50
Transportation Dollar Volume $1,858,633 $1,801,938
Utility Dollar Volume $380,290 $222,948
Capsule capsule In botany, a dry fruit that opens when ripe. It splits from top to bottom into separate segments known as valves, as in the iris, or forms pores at the top (e.g., poppy), or splits around the circumference, with the top falling off (e.g., pigweed and plantain). Profile: Cass Information Systems Cass has been a leading provider of payables services and information support systems to companies throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. since 1956. The company operates processing centers in St. Louis, Mo., Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. and Boston, Mass., from which it pays approximately $8.5 billion of freight and utility invoices on behalf of customers. The support of its bank subsidiary, Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry. Note to Investors Certain matters set forth in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company's actual results, see the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2000. |
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